At Terra Firma, his responsibilities included investor reporting, fund accounting and transaction equity funding. He worked on the structuring and execution of investments, including Infinis, Odeon and UCI, Tank & Rast, Phoenix Group and AWAS, according to a biography on Atomico's website.

Mr. Hands told Private Equity News that the €1 billion could be used to invest in deals, it could be used to seed smaller special opportunity funds or it could be recycled indefinitely.

Amid the changes in strategy at the firm, a number of key executives are at various stages of departing.

Damian Darragh, who had been tasked with leading Terra Firma’s $2 billion renewable energy fundraising was asked to leave the firm last year. Stefan Thiele, one of three managing directors who replaced Darragh, is due to leave the firm by the middle of this year.